Broadcom ($AVGO) rose on April 28, 2026. Here's the breakdown of what drove the move and what traders are watching next.
What Happened
Hit $2T market cap on AI chip demand; but sector-wide selloff on OpenAI concerns
The Bull Case
Custom AI chip sales more than doubled; major partnerships with Google and Meta solidified; networking infrastructure demand remains strong; $2T valuation milestone signals investor confidence
The Bear Case
Down 4.93% on session (worst performer in mega-cap tech); OpenAI growth concerns directly threaten hyperscaler capex; P/E of 77.4x leaves zero margin for error; sector rotation away from chip stocks underway
Price Target & What to Watch
Target: $473.25 (vs. current $397.57)